On December 28, 2009, the signing ceremony for strategic restructuring between China Minmetals Corp. (China Minmetals) and Hunan Nonferrous Metals Holding Group (HNG) was grandly held in Changsha, Hunan. The conclusion of this agreement is to promote the revitalization of China's nonferrous metal industry, improve its overall competitive in the global metals stage and accelerate the economic development of Hunan province. The Government of Hunan Province determined to strengthen strategic cooperation with China Minmetals, and invite China Minmetals to participate in the restructuring of HNG.

On December 24, the State-owned Assets Supervision and Administration Commission of Hunan Province and HNG signed an agreement to increase capital in HNG with China Minmetals Corp. and China Minmetals Nonferrous Metals Holdings Co. Ltd.. According to the agreement, China Minmetals Nonferrous Metals Holdings Co. Ltd. will increase RMB5.595 billion in HNG to hold 49% share of HNG. On December 28, the four parties signed another agreement on gratuitous share transfer, according to which, the State-owned Assets Supervision and Administration Commission of Hunan Province transferred its 2% equity in HNG to China Minmetals Nonferrous Metals Holdings Co. Ltd. for free. After the restructuring, China Minmetals altogether holds 51% equity of HNG and the State-owned Assets Supervision and Administration Commission of Hunan Province reserved the remaining 49%.  

At the signing ceremony, China Minmetals President Zhou Zhongshu stated in his address that, in the next 3 to 5 years, the structured HNG will make environmental-friendly development of its advantageous resources and effective integration of such resources as tungsten, antimony, tin, rare earth, lead and zinc in Hunan; improve technology and equipment; boost industrial upgrading and create international leading industrial cluster of cemented carbide, lead and zinc industries; and establish a complete scientific research system to diversify nonferrous metals industry in Hunan, enabling HNG to become a world leader in tungsten, antimony, lead and zinc industry and the world's largest supplier of major rare earth resources and leading processor of rare earth products, exerting great influence on China's copper, aluminium and tin industry.

At the beginning of 2009, Adjustment and Development Plan of Nonferrous Metals Industry of China reviewed and approved by the Standing Committee of the State Council comes out in favor of cross-region M&A, regional M&A and internal M&A of large-scale key enterprises, so as to form 3 to 5 large comprehensive groups with great strength. As the first major M&A project following the promulgation of the Adjustment and Development Plan, the strategic restructuring of China Minmetals and HNG proves to be an example of alliance between central enterprise and local enterprise to jointly enhance the international competitiveness of domestic enterprise in the nonferrous metals industry.

On September 1, 2008, the State-owned Assets Supervision and Administration Commission of Hunan Province and China Minmetals signed the Letter of Intention for Strategic Cooperation between China Minmetals and HNG, reaching preliminary consensus on the principle and approach for strategic cooperation in the nonferrous metals industry. 

HNG, formed on August 20, 2004, is a large-scale solely state-owned enterprise specializing in production and distribution of nonferrous metals products. The company has the exploration right to such main mineral resources as lead, zinc, tungsten, antimony, bismuth and fluorite in Hunan. Moreover, the company has forged an industrial chain integrating mining, dressing, smelting and processing in such sectors as lead, zinc, tungsten and antimony. With regard to the upstream, HNG owns the largest reserve of antimony and bismuth resources in the world; in terms of the midstream, HNG is China's largest lead and zinc producer and the world's largest production base of antimony products; and in downstream processing, HNG is the world's largest producer of cemented carbide products by output, and occupies the largest share in the domestic market. In 2008, HNG's sales revenue was RMB20.8 billion. As of December 31, 2008, their total asset was RMB28.5 billion.

China Minmetals Corporation was founded in 1950. In recent years, the Group has been committed to globalization and industrialization, and formed a pattern of overall development of ferrous metals, nonferrous metals, real estate, finance and logistics, and is making great efforts to become an corporate group providing global high-quality services. The Group has been on Fortune Global 500 in three consecutive years and ranked No. 331 in 2009; and No. 14 among central enterprises and No. 9 among global metals enterprises in the same year. Regarding the nonferrous metals industry, China Minmetals is one of the largest tungsten producers and owners, the largest importer and distributor of alumina in China and the largest operator of tungsten products and key producer of antimony oxide in the world. In 2008, the Group achieved a total sales revenue of RMB185.34 billion, and as of December 31, 2008, its total assets came up to RMB92.16 billion.

This June, China Minmetals successfully acquired the core assets of OZ Minerals Limited, the third largest mineral and metal company in Australia, and established MMG. The company made profits in the same year and created a favorable internationalization platform for China Minmetals to develop mineral resources. In the second half year, China Minmetals restructured Changsha Research Institute of Mining and Metallurgy and Luzhong Metallurgy & Mining Group Corp. in succession, which further consolidated its research, development and production strength as well as its scientific, industrial and trading system.